Macy's said Wednesday it will cut 10,100 jobs and shutter 68 stores nationwide as part of a massive corporate restructuring to cut costs and improve efficiency.

While Macy's revealed locations of stores it planned to close, the company also outlined plans to eliminate layers of management and cut non-payroll costs. Plans call for Macy's to cut more than 6 percent of its total workforce.

The nation's largest department store operator said 68 stores – or 9 percent of its total – will close by mid-2017, helping the company save about $550 million a year. More than 30 additional undisclosed stores will close as "leases or operating covenants expire or sale transactions are completed."

So far, no locations in Greater Cincinnati are closing. The lease on Macy's Downtown store is set to expire in January 2018.

The store closures will impact about 3,900 retail associates. But the company also plans to slash 6,200 mostly back office employees.

Roughly 4,000 work for Macy's in Greater Cincinnati, including 1,000 at the Downtown headquarters, 2,000 at its Mason and Springdale offices. About 1,000 people work at Macy's stores Downtown and in Kenwood Towne Centre, Florence Mall, Tri-County Mall, Northgate Mall and Anderson Towne Center and home and furniture stores in Florence and Sycamore Township.

"We continue to experience declining traffic in our stores where the majority of our business is still transacted," said CEO Terry Lundgren.

The holiday season was not so jolly for Macy's. The company reported a more than 2 percent dip in sales during November and December from a year earlier. Shares of Macy's were down more than 10 percent in after-market trading Wednesday.

"We are pleased with the performance of our digital business, with double-digit gains at both macys.com and bloomingdales.com; however, store sales continued to be impacted by changing customer behavior," he said.

Macy's will use part of the savings from its store closings to invest an additional $250 million in growing its digital business and existing stores in addition to its specialty beauty concept Bluemercury, discount concept Macy’s Backstage and business in China.

Macy's was a Wall Street darling in the years after the Great Recession as it managed to grow both sales and profits until 2015. Since the company's stock peaked at an all-time high of $73.61 in 2015, the company's stock price has been cut in half after several quarters of missed sales forecasts.​

Investor pressure came to a head in 2016 when hedge fund investor Jeffrey Smith's Starboard Value claimed Macy's total real estate assets were worth $21 billion – worth more than the company's $13 billion of outstanding stock.

To mollify investors, Macy's in two separate announcements unveiled plans to shutter 140 stores. In the past two years, Macy's has announced a string of deals to get more money out of its real estate. Late in 2016, the company tapped Brookfield Asset Management to spend two years to study development opportunities at 50 undisclosed sites.

Macy's said in the United States, it will open two new Macy’s stores in 2017 and two new Bloomingdale’s stores in 2019. At least three new Macy's and Bloomingdale's stores will open under license agreements in Kuwait and the United Arab Emirates by 2018.

Also, the company will open abut 50 more Backstage off-price locations inside existing Macy's stores and about 50 Bluemercury beauty specialty stores. The Bluemercury openings will be in freestanding locations or shops inside existing stores.

Final clearance sales at the following Macy’s stores closing in early 2017 will begin Jan. 9, and run for eight to 12 weeks (with the exception of Lancaster Mall*, where final clearance sales are already in progress):